About Me

When I started thinking about my personal liability, I realized that I had a lot more to lose than I had initially realized. I was nervous about the possibility of losing out on my retirement and some of my savings, and so I started going through and carefully inspecting my insurance coverage. It was incredible to see how much of a difference I was able to make, and I was really happy to upgrade my policy to reflect the latest changes at my place of business. Check out this blog for more information about insurance coverage so that you can make things right.

3 Homeowner's Insurance Myths, Explained

Owning a home can be an overwhelming experience. Not only do you need to worry about the financial elements of making the purchase, but you also need to perform cleaning and maintenance tasks continuously to protect your investment. Unfortunately, some homeowners do not have a full understanding on the importance of insurance. By believing these common myths, you may be setting your home and yourself up for serious financial distress.

Policies Are Too Expensive

One of the most common and most problematic myths involving homeowner's insurance is that the coverage is too expensive. As a homeowner, you probably want to cut costs or put all of your money into your home. However, homeowner's insurance is not only required, but it is also a worthwhile investment in the long run.

The cost of your insurance premiums will depend on a few factors including your home's size, location, and value.

On average, annual premiums can cost $952. This may seem like a big cost if you are paying once a year, but most homeowners will include the insurance premiums in their monthly mortgage payment. Therefore, the annual premium is divided up throughout the year into 12 monthly mortgage payments.

This ensures your insurance is not too expensive, protecting your home and finances without an overwhelming cost.

All of Your Belongings Are Covered

A fire, tornado, flood, or other disaster can wreak havoc on your home and everything in it. These disasters will not only affect the construction of your home, but they can also ruin your furniture, collectibles, electronics, toys, clothes, and other belongings.

Having a homeowner's insurance policy from a company like Angel Auto Insurance gives you peace of mind, knowing your home can be repaired and even rebuilt in some cases, but it does not necessarily cover all of your belongings.

There are limitations in these policies, so it is important to know what exactly is covered when you are purchasing the insurance. Most standard policies will cover the damage to your home, but certain belongings may not be covered under the policy.

If you have specialty items, such as fine art, expensive jewelry, or other collectibles that cannot be replaced, you may need to ask about additional coverage for these items.

Flood Damage Is Covered

If your home and belongings are damaged by flood, whether due to a natural disaster or plumbing/sewer problems, you probably believe you are covered. Unfortunately, this is another myth that homeowners need to understand.

Flood coverage is not part of most standard insurance plans. If you live in an area that is prone to flood or you just want to ensure you are protected in case the issue arises, you will need to add this coverage onto the policy.

Your home is an investment that requires the upmost care and protection. Proper understanding of your homeowner's insurance policy will give you this protection.